The secret is simple — check out the competition

THE first rule of property – even before the one about location – is “research, research, research”.

I am a big proponent of doing your homework before you buy or sell. I know it’s boring, but like all important things, if you want to do well at it, then you should study hard.

Most people don’t think you need to research before you sell. Selling is simple, isn’t it? You stick your home on the market, put up a sign board and roll in the cash. But even with reports that many markets are picking up, this

is not a time to ignore

this golden rule.

There is one key piece of research you should undertake and it is in my opinion the ONE thing that tells you everything you need to know in a pretty accurate and defined way.

This research can help you understand how much your home is worth, but whether you should quote a price when you are selling, and the best way to do it.

Ie: whether you should ask for “offers over” or list a price guide.

This research will also illustrate to you the preferred, most popular sale method for a home similar to yours, helping you answer the question of whether you should list as a private treaty sale, or go to auction?

In addition it can act as your own interior design consultant, suggesting that maybe you may need to consider upgrading your kitchen, but don’t worry about the lack of an en suite? It will even show you who the popular agents are and the ones who have recently had listings under contract, or sold.

The sublime feature of this magic research is it is current, right now! And it is specific to your area – not based on generics, or statewide figures.

Is this information expensive to access, I hear you ask? No! In fact, I can happily answer that this information is freely available in your local newspaper property section, or online real estate website. The secret is simple. The rule is CHECK OUT THE COMPETITION.

Before you list your home ideally, or if your home is failing to attract a buyer, find out what others in the market are doing. It really is as simple as that - what is for sale and recently under contract right now in your area? What are homes similar to yours selling for? How are they being sold?

It is such an effective exercise. If you think you can sell your home in complete isolation to everything else in the market, shame on you!

To get started, start searching homes of similar size, style, specification, block size etc to your home in your suburb. If you live in a small area you may need to extend the search to neighbouring similar suburbs. If you are seeking to sell for around $500,0000 you would look at homes from $400,000 to perhaps $600,000 to get the real feel of the market.

Even if you are in a prominent auction area, or homes have no price guides, searching for homes with similar specifications and area will still show you the homes you are up against. If any listings are under contract or sold without the price being disclosed, ring up the agent and ask nicely.

Nothing of course is completely fool-proof but this gets you a real insight into the local market and to be fair that should be the majority of your concern when selling. The other listings will have pictures, even floor plans so you can really compare.

Now I have revealed this piece of real estate magic, it will only work if you are truly honest with yourself. You may not think no. 23 is a better home, but the real question is “what do buyers think?” and that is what it is all about.

The images in the advertising and online show you if sellers have updated fittings and how you will have to compete. Are your home improvements better or worse than what is on offer?

It is always extremely revealing when I do this exercise for sellers. Comparing yourself will help you to understand how to sell your home, and what work needs to be done for you to be competitive. It will also help you to understand whether your own personal concerns about your property are even valid. So look and learn. Think of it as a running race. You are the start line - do you really not look at the other runners, and constantly monitor their performance during the race to see how you compare? Of course you do!